LONDON, April 20, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s research on the motor insurance market forecasts the global motor insurance market size to grow from $738.6 billion in 2022 to $806.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The global motor insurance market size is then expected to grow to $1,122.4 billion in 2027 at a CAGR of more than 8%.
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The growing number of vehicles on the road is likely to drive the expansion of the motor insurance market in the future. Automobiles are self-propelled vehicles that employ a power source for propulsion and are used to move passengers and commodities on land. People purchase auto insurance to protect themselves from financial losses, which fuels demand for motor insurance and is largely attributed to the benefits provided by motor insurance, which include cost coverage for an injured person, medical coverage, lost wages, vehicle repair, and any property damaged in an accident. According to the National Transportation Statistics 2021 report produced by the US Department of Transportation, an executive branch of the United States federal government, 11,34,61,353 automobiles were registered in the United States in 2021. Automobiles accounted for 10,51,43,990 registrations in 2020, while motorbikes accounted for 8,317,363 registrations. Furthermore, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based motor vehicle trade organisation, car production in the UK increased by 7.4% to 69,524 units in November 2022, compared to the previous year. As a result, the growing number of automobiles on the road is propelling the growth of the motor insurance market.
Major players in the auto industry insurance companies are Allianz SE, State Farm Insurance, AXA, Zurich Insurance, Allstate Corporation, GEICO, Ping An Insurance Company of China Ltd., HDFC ERGO, Universal Sompo General Insurance Company Limited, The Progressive Corporation.
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Technological innovations have emerged as the most popular trend in the auto insurance industry. To boost their market position, major players in the motor insurance market are adopting technologically innovative technologies into their insurance operations. For example, in September 2022, XA Group, a Dubai-based technology company, will launch Addenda, a blockchain-powered digital platform that will allow insurers to reconcile motor vehicle recovery receivables. By integrating current products into the platform, the company expects to assist Addenda handle all of the essential touchpoints in the automotive claims value chain by connecting insurers, brokers, repairers, and customers.
North America was the largest region in the motor insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global motor insurance market during the forecast period. The regions covered in the global motor insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global motor insurance market is segmented by type into treaty reinsurance, facultative reinsurance; by policy type into liability insurance, comprehensive coverage, collision coverage, personal injury protection; by vehicle age into new vehicles, old vehicles; by vehicle type into passenger cars, light commercial vehicles (LCV), heavy commercial vehicles (HCV).
Motor Insurance Global Market Report 2023 by The Business Research Company provides insights on the car insurance market size, motor insurance market segments, auto insurance market share, motor insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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